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As a professional tax adviser, I very often have to trust clients not to "kill the messenger" when we talk about tax law changes. Well, this is the year the big Massachusetts tax change is actually good for many corporate taxpayers.
Massachusetts has recently adopted a research and development tax credit for corporations. The purpose of this credit is to encourage businesses to increase their research activity here in the Bay State.
Taxpayers that qualify for the credit will be rewarded with a reduction of their Massachusetts income tax. With state taxes becoming a larger share of the total tax bill for many taxpayers, maximizing the use of this credit can be a significant savings for many corporations.
The new tax credit is effective for expenditures incurred on or after Jan. 1, 1991. Generally, calculation …